HomeMy WebLinkAboutResolution - 042640A - 90 Day Loan - Extenting Sewer Lines & Water Mains, Garbage & Paving Services - 04/26/1940042J*40A
RESOLUTION
BE IT REME11BERED, that at a Recessed Regular Meeting of the City
Commission of the City of Lubbock, Lubbock County, Texas, held in
the City Hall, on the 26th day of April, 1940, a quorum being
present, upon motion by Commissioner McMillan, seconded by
Commissioner Price, the following Resolution was duly passed.
VAMREAS, the City of Lubbock is now enjoying a rapid growth in
population and many new residences and homes are now being built
within the corporate limits of said City, requiring the extension
of Sewer Lines and dater Mains; and whereas, the City of Lubbock
is paving many new streets and expending sums of money in marking
said streets; and, 7:EERE,..S, the demand foJadditional garbage
service has been increased, all of which has entitled and required
the expenditure of substantial sums of money; and
',"REAS, the City of Lubbock, at the present time is in great need
of $100000.00 in cash to properly carry on the improvements named
above.
Now, Therefore, Be It Resolved by the City Commission of the City
of Lubbock, Texas, that C.E. Slaton, Mayor of said City, be and he
is hereby authorized and empowered to negotiate a 90 day loan for
the City of Lubbock, not to exceed 410,000.00 in cash, for the
purpose of making extension of sewer lines, water mains, increasing
the garbage service and carrying on the paving of streets, and the
said C.E. Slaton, Mayor, is further authorized and empowered to
execute time warrants to be payable out of current revenue to
evidence and secure the payment of said loan. Rate of interest
not to exceed 4%.
Passed and approved by unanimous vote of the City Corimission, this
26th day of April, 1940. Z
Att t:
City Secretary.